Average D-FW area rents were up 1.9 percent from September 2016. That's just a third of average annual rent gains in the last few years, according to a report from Richardson-based Axiometrics.

Dallas-area rents averaged $1,151 last month, and in Fort Worth the average was $1,052. North Texas rents remain well below the national average of $1,293, according to the apartment analyst.

North Texas apartment rent increases have moderated this year as thousands of new units have opened their doors.

"While job growth has decreased, it is still strong. The amount of new supply coming into Dallas has accelerated a cyclical downturn," Axiometrics' Jay Denton said in the report. "For managers of all these new buildings to try to attract new residents, they have to lower the rent, increase concessions, or both."